Senior(SZ:300568) Soochow Securities·2025-10-28 07:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that a turning point in separator prices is imminent, and the company is positioning itself in solid-state electrolyte membranes to create a second growth curve [1] - The Q3 performance of the company is in line with market expectations, with a revenue of 2.96 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 13.5%, while the net profit attributable to shareholders is 110 million yuan, down 67.3% year-on-year [9] - The company is expected to see a gradual recovery in prices starting from September, with a clear turning point in unit profitability anticipated in 2026 [9] - The company is actively developing solid-state battery membranes and has signed a strategic cooperation agreement to enhance its product offerings in this area [9] Financial Summary - Total revenue forecast for 2023 is 3,013 million yuan, with a year-on-year growth of 4.62%, and is expected to reach 6,390 million yuan by 2027, reflecting a growth rate of 18.81% [1][10] - The net profit attributable to shareholders is projected to decline to 148.87 million yuan in 2025, a decrease of 59.08% year-on-year, before rebounding to 665.20 million yuan by 2027 [1][10] - The latest diluted EPS is expected to be 0.11 yuan in 2025, with a P/E ratio of 115.37 [1][10] - The company has managed to control expenses effectively, with a significant reduction in capital expenditures [9]