晶盛机电（300316）：利润环比改善，看好大尺寸碳化硅衬底加速放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 net profit improved sequentially, driven by enhanced cost control and increased gross margin [7] - The company has planned a total production capacity of 900,000 pieces for silicon carbide substrates, with new applications opening up for 12-inch substrates [7] - The company maintains a positive outlook on its multi-business growth potential despite current challenges in the photovoltaic industry [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 8.27 billion yuan, a year-on-year decrease of 42.9%, and a net profit attributable to shareholders of 900 million yuan, down 69.6% year-on-year [7] - In Q3 2025, the company reported a single-quarter revenue of 2.474 billion yuan, a year-on-year decrease of 42.9% and a sequential decrease of 7.0% [7] - The gross margin for Q3 2025 was 29.21%, showing a year-on-year decrease of 3.0 percentage points but a sequential increase of 8.6 percentage points [7] - The company's cash flow from operating activities for Q3 turned negative, primarily due to a decrease in cash received from sales [7] Capacity and Product Development - The company has a clear advantage in 8-inch substrate production, with plans to benefit from the industry's shift from 6-inch to 8-inch production [7] - The company has successfully launched its first 12-inch silicon carbide substrate processing pilot line, which opens new application spaces [7] - The company is focused on providing comprehensive solutions for large silicon wafers, advanced packaging, and silicon carbide equipment [7] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 1 billion, 1.2 billion, and 1.5 billion yuan, respectively, corresponding to a current P/E ratio of 52, 42, and 34 times [7]