KCT(SZ:002625) Shanxi Securities·2025-10-26 07:04Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5] Core Views - The company has demonstrated rapid growth in revenue and net profit, overcoming capacity constraints [1][4] - For the first three quarters of 2025, the company reported a revenue of 1.596 billion yuan, a year-on-year increase of 25.75%, and a net profit attributable to shareholders of 606 million yuan, up 12.82% year-on-year [2][4] - The company has a strong order backlog, with a recent contract worth 516 million yuan for advanced material aerospace structural products [4] Financial Performance - In Q3 2025, the company achieved a revenue of 653 million yuan, reflecting a year-on-year growth of 56.50%, and a net profit of 220 million yuan, up 25.28% year-on-year [4] - The total liabilities reached 1.835 billion yuan, a year-on-year increase of 31.72%, while cash and cash equivalents decreased by 18.25% to 4.414 billion yuan [2][4] - Accounts receivable increased by 47.14% to 2.660 billion yuan, and inventory surged by 119.44% to 473 million yuan [2][4] Earnings Forecast - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.34 yuan, 0.44 yuan, and 0.55 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 135.1, 105.3, and 84.0 [5][7]