万马股份（002276）：业绩略高于预期，超高压三期项目顺利推进

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price relative to the benchmark index of over 20% within the next six months [6][12]. Core Insights - The company reported a revenue of 41.1 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.4%. The net profit attributable to shareholders was 4.1 billion yuan, up 61.6% year-on-year [4]. - In Q3 2025, the company achieved a revenue of 48.4 billion yuan, with a year-on-year growth of 7.9%. The net profit for the same period was 1.6 billion yuan, reflecting a significant increase of 227.7% year-on-year [4]. - The company is progressing well with its ultra-high voltage Phase III project, which is expected to enhance profitability in the polymer materials segment [5]. - The charging business is anticipated to reach a breakeven point sooner due to the growth of charging infrastructure and changes in electricity pricing models [5]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 201.0 billion yuan, 227.7 billion yuan, and 258.1 billion yuan, respectively. The net profit attributable to shareholders is forecasted to be 5.2 billion yuan, 6.6 billion yuan, and 8.2 billion yuan for the same years [6][10]. - The report indicates an upward revision in net profit forecasts compared to previous estimates, reflecting improved operational performance [6]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 34, 27, and 22, respectively [6].