GUIBAO TECH(SZ:300019) Tianfeng Securities·2025-10-27 05:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][17]. Core Views - The company has shown strong revenue growth, with a 24.30% year-on-year increase in revenue for the first three quarters of 2025, reaching 2.651 billion yuan, and a net profit growth of 44.63%, amounting to 229 million yuan [1][4]. - The company is deeply engaged in the silicone sealant industry and is actively advancing its silicon-carbon anode material business, which has seen rapid sales growth [3][4]. Financial Performance - For the first three quarters of 2025, the gross profit was 571 million yuan, a 30% increase compared to the same period in 2024, with a gross margin of 21.5%, up by 0.9 percentage points year-on-year [2]. - In Q3 2025, the company reported a gross profit of 197 million yuan, a 9.7% increase year-on-year, but a 4.5% decrease quarter-on-quarter, with a gross margin of 20.9% [2]. - The company’s total expenses for the first three quarters of 2025 were 331 million yuan, an increase of 77 million yuan year-on-year, with sales, management, R&D, and financial expenses all rising [2]. Business Development - The company has developed a comprehensive product system including high-end silicone sealants, hot melt adhesives, silane coupling agents, and silicon-carbon anodes, supported by nine production bases with an annual capacity of 370,000 tons [3]. - The silicon-carbon anode material project is progressing as planned, with a 50-ton/year pilot production line established in 2019 and a 5,000-ton/year project under construction [3]. - The company is enhancing its market share by expanding its customer base and strengthening relationships with strategic clients, aiming to accelerate the commercialization of silicon-carbon anodes in the high-end battery market [3]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are estimated at 310 million yuan, 400 million yuan, and 510 million yuan respectively [4]. - The financial data indicates a revenue forecast of 3.926 billion yuan for 2025, with a growth rate of 24.26% [4].