圣晖集成（603163）：收入利润同比高增长，毛利率有望在四季度修复

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][21] Core Views - The company has demonstrated significant year-on-year growth in revenue and profit, with Q3 2025 revenue reaching 821 million yuan, up 59% year-on-year, and net profit attributable to shareholders at 33 million yuan, up 94% year-on-year [1][8] - The company has a robust order backlog, with new orders signed in the first half of 2025 amounting to 2.251 billion yuan, a 70% increase year-on-year, and a total backlog of 2.214 billion yuan as of Q3 2025, up 21% year-on-year [1][10] - The gross margin is expected to recover in Q4 2025, with Q3 gross margin at 8.53%, down 1.47 percentage points from Q2 [2][11] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.116 billion yuan, a 46% increase year-on-year, and a net profit of 96 million yuan, a 29% increase year-on-year [1][8] - The company’s cash flow remains healthy, with net cash flow from operating activities for the first three quarters of 2025 at 121 million yuan, an increase of 99 million yuan year-on-year [2][15] - The company’s contract liabilities, reflecting advance payments, stood at 175 million yuan as of Q3 2025, a 34% increase year-on-year [2][15] Profit Forecast - The profit forecast for the company indicates net profits of 142 million yuan, 206 million yuan, and 305 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 24.1%, 45.4%, and 47.9% [3][16]