大华股份（002236）：三季报业绩超预期，毛利率回暖带来利润端改善

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 7.731 billion yuan, a year-on-year increase of 1.95%, and a net profit attributable to shareholders of 1.060 billion yuan, up 44.12% year-on-year, exceeding market expectations [1]. - The gross profit margin significantly improved to 41.74% in Q3 2025, compared to 39.9% in Q3 2024, indicating enhanced profitability and management efficiency [1]. - The company is focusing on artificial intelligence as a core strategy, aiming to build comprehensive capabilities in large models and drive the industrialization of AI technologies [2]. Financial Performance Summary - For the fiscal year 2025E, the company is projected to achieve a revenue of 32.881 billion yuan, with a year-on-year growth rate of 2.2% [3]. - The net profit attributable to shareholders is expected to be 4.163 billion yuan in 2025E, reflecting a year-on-year growth of 43.3% [3]. - The earnings per share (EPS) for 2025E is estimated at 1.27 yuan, with a price-to-earnings (P/E) ratio of 15.8x [3]. Stock Information - As of October 24, 2025, the stock closed at 19.96 yuan, with a total market capitalization of approximately 65.604 billion yuan [4]. - The company has a total share capital of 3,286.76 million shares, with 64.38% being freely tradable [4]. Financial Ratios - The return on equity (ROE) for 2025E is projected to be 10.6% [3]. - The price-to-book (P/B) ratio is expected to be 1.7x in 2025E [3]. Future Projections - The company anticipates continued growth in net profit, with projections of 4.542 billion yuan in 2026E and 4.912 billion yuan in 2027E, corresponding to P/E ratios of 14.4x and 13.4x respectively [2][3].